Strategic Planning Group LLC Sells 27,521 Shares of 3M (NYSE:MMM)

Strategic Planning Group LLC decreased its holdings in 3M (NYSE:MMM) by 49.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,599 shares of the conglomerate’s stock after selling 27,521 shares during the period. Strategic Planning Group LLC’s holdings in 3M were worth $3,692,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MMM. FSA Wealth Management LLC bought a new stake in 3M in the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the period. ORG Partners LLC raised its holdings in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the last quarter. Finally, True Wealth Design LLC lifted its position in 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now directly owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,291 shares of company stock worth $9,339,786. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

3M Price Performance

NYSE:MMM opened at $151.55 on Thursday. The stock has a market cap of $82.53 billion, a PE ratio of 20.07, a P/E/G ratio of 2.46 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business’s 50-day simple moving average is $133.72 and its two-hundred day simple moving average is $130.23. 3M has a 52 week low of $75.40 and a 52 week high of $152.96.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the firm earned $2.42 EPS. The firm’s revenue was down 25.0% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.66 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.85%. 3M’s payout ratio is 37.09%.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.